Europe Is Trading Yesterday’s Economy

Europe Keeps Falling Behind 

Europe continues trading like the soggy laggard of this melt-up.

While the US keeps ripping higher on AI, semis, and upside squeeze dynamics, Europe remains stuck with energy shocks, defense obsession, and collapsing macro data. Even European vol markets still aren’t fully buying the Iran optimism, with the V2X continuing to trade at a very wide premium versus the VIX.